How are Direct Rollovers different from Direct Withdrawals?

Teachers' Retirement System of the City of New York

How are Rollovers different from Direct Payment Withdrawals?

If you request a Direct Payment Withdrawal, TRS sends the withdrawn amount directly to you. If you request a Rollover, TRS sends the withdrawn amount to the IRS-qualified Individual Retirement Arrangement (IRA) or other eligible successor program that you elect. Unlike Direct Payment Withdrawals, Rollovers are not subject to current taxes.